Real estate fund manager EG sold Circle on Cavill for $61.8 million to Macau gambling mogul Loi Keong Kuong.
Kuong snapped up the bargain Gold Coast investment, originally listed for $80 million in 2018, amid widespread uncertainty in the market from Covid-19.
The retail centre with a gross leasable area of 12,364sq m was purchased by EG for $40 million in 2011 and underwent major renovations before being secured in an off-market deal by the Macau investor.
EG have portfolio worth $3.2 billion and $1.8 billion in their development pipeline including the recently completed 260 apartments at the Flour Mill in Sydney and 116 apartments in Newcastle’s Habour city sanctuary.
The fund listed their 1922 Mungo Scott building from the Summer Hill development, in an expressions of interest campaign in September last year but it was removed from sale.
Circle on Cavill is a mixed-use site containing entertainment, dining, health, retail and office accommodation and features a round public space.
EG fund manager Daniel Farley said they recently undertook $13 million in capital works to transform the site.
“We are very pleased with this result and also to see evidence that transactions of high quality real estate are still completing in this cautionary environment,” Farley said.
The transaction was brokered by JLL’s Jacob Swan and Sam Hatcher and McVay Real Estate’s Dan McVay and Sam McVay.